VIP Completions, providers of aircraft completions and refurbishment services, today provided an update on its current operations and an outlook for 2024.
At present, VIP Completions’ hangars are full. Major ongoing projects include:
- The comprehensive interior refurbishment of a Boeing Business Jet (BBJ)
- Conversion of a Gulfstream G550 from business aircraft to medical evacuation (MEDEVAC) air ambulance
- Full interior refurbishment of a Dassault Falcon 7X
“These are all big projects,” says Ben Shirazi, President, VIP Completions. “Working on corporate airliners and long-range business jets gives our team the opportunity to transform and revitalize aircraft. Comprehensive refurbishments dramatically improve the in-flight experience while increasing the value of our clients’ assets. In the case of our air ambulance project, the contrast is even greater – going forward, that aircraft will be deployed to save lives.”
The industry consensus seems to be that growth in 2024 will be modest, somewhere around 2%. JETNET predicts approximately 775 business aircraft deliveries this year. With the industry back to a pre-pandemic reality and the supply chain now generally supporting demand, stability seems likely.
“Looking specifically at pre-owned business aircraft, we anticipate a slight softening in pricing this year. However, that can be beneficial for refurbishments and conversions because buyers will take a closer look at value. In turn, owners may decide that upgrading their current aircraft is more attractive than putting it on the market. For these reasons, we believe that refurbishments and conversions will remain quite strong. If the first days of 2024 are any indication, we are feeling optimistic,” adds Ben Shirazi.
